Jushi Holdings Inc. Pre-Announces Second Quarter 2021 Financial Results and Provides Earnings Conference Call Details

Revenue increased 14.6% to $47.7 million as compared to the first quarter 2021

Net Loss of $11.4 million, a $15.4 million improvement as compared to the first quarter 2021

Adjusted EBITDA^(A) of $4.6 million

Company to host Q2 2021 earnings call on August 25, 2021 at 9:00 a.m. ET

BOCA RATON, Fla., Aug. 02, 2021 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”)(CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, pre-announces second quarter 2021 financial results. All amounts are in U.S. dollars unless otherwise indicated.

Second Quarter 2021 Highlights:

• Revenue of $47.7 million, a 14.6% increase over the first quarter 2021 and 219.7% year over year
• Gross Profit of $21.9 million, a 9.2% increase over the first quarter 2021
• Net loss of $11.4 million, a $15.4 million improvement over the first quarter 2021
• Adjusted EBITDA^(A) of $4.6 million, or 9.6% of revenue
• Cash and short-term investments of $126.8 million as of June 30, 2021

“Our second quarter 2021 results demonstrate the strength of our operations, with solid organic revenue growth at the high end of our guidance range and Adjusted EBITDA^(A) in-line with our expectations,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi. “With 20 stores open, four cultivation and production facilities in operation and a diversified medical and consumer brand portfolio, we have built a national footprint for long-term success. In the second half of 2021, we expect to open an additional seven BEYOND / HELLO^TM retail stores nationally, add two Nature’s Remedy of Massachusetts, Inc. dispensaries as well as a grower-processor facility in Massachusetts through an acquisition. Additionally, while construction at our Pennsylvania and Virginia grower-processor facilities has progressed, both projects are currently facing approximately three month delays due to disruptions in the supply chain, which have negatively impacted availability and pricing of construction materials. We believe the expansion of our retail footprint, including into Massachusetts, will continue to fuel our momentum through the second half of 2021, while the increase in cultivation capacity will more meaningfully contribute to our financial results in 2022.”

Conference Call Details:

The Company will host a conference call to discuss its financial results for the second quarter 2021 at 9:00 a.m. ET on Wednesday, August 25, 2021. The Company will file its Q2 2021 financial results in advance of the call.

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until September 25, 2021 and can be accessed by dialing + 1-844-512-2921 (U.S. Toll Free) or + 1-412-317-6671 (International) and entering replay pin number: 13721887.